Investment activity picked up more strongly than expected in both the private and the public sectors, pushing GDP growth to 4.9% in 2017. Although it has already peaked, economic activity remains vibrant in 2018 and thereafter. External demand will continue to grow at a slower pace compared to last year. Household consumption, backed by a considerable rise in real wages and tax cuts, continues to be a strong driver of economic activity. We project GDP to grow at a rate of 3.5% in 2018 and 3.1% in 2019, declining somewhat to 3.0% in 2020.

map Estonia
Main Economic Indicators201520162017201820192020
Population, 1000 persons131513161315...
GDP, real change in %
GDP per capita (EUR at PPP)220002250023700...
Gross industrial production, real change in %
Unemployment rate - LFS, in %, average6.
Average gross monthly wages, EUR106511461226...
Consumer prices, % p.a.
Fiscal balance in % of GDP0.1-0.3-0.3...
Public debt in % of GDP9.99.28.7...
Current account in % of GDP1.
FDI inflow, EUR mn-661665747...
Gross external debt in % of GDP92.888.482.6...

Basic data are continuously updated.

* Forecasts are changed beginning of March, July and November.
See Press Conferences.


Monthly Report No. 6/2018

Vasily Astrov, Rumen Dobrinsky, Richard Grieveson, Doris Hanzl-Weiss, Peter Havlik, Gabor Hunya, Sebastian Leitner, Isilda Mara, Olga Pindyuk, Leon Podkaminer, Sandor Richter and Hermine Vidovic
wiiw Monthly Report No. 6, June 2018
27 pages including 1 Table and 1 Figure



ESTONIA: Investment keeps growth in high gear

Sebastian Leitner
in: Riding the Global Growth Wave
wiiw Forecast Report No. Spring 2018, March 2018 , pp. 94-97
Details and Buy